EXHIBIT (d)(3)
ADDENDUM TO THE PORTFOLIO MANAGEMENT AGREEMENT
The Portfolio Management Agreement ("Agreement") made the 1st day of May,
1998, between Pacific Life Insurance Company ("Pacific Life"), a life insurance
company domiciled in California, Xxxxxxx Xxxxx Asset Management, a separate
operating division of Xxxxxxx Sachs & Co. ("Xxxxxxx Xxxxx", "Portfolio
Manager"), a partnership organized and existing under the laws of the State of
New York, and Pacific Select Fund (the "Fund"), a Massachusetts Business Trust,
is hereby amended as set forth in this Addendum to the Portfolio Management
Agreement, which is dated as of January 28, 2000.
WHEREAS, the Fund is registered with the Securities and Exchange Commission
as an open-end management investment company; and
WHEREAS, the Fund will offer shares in the I-Net Tollkeeper Portfolio,
effective May 1, 2000,
NOW THEREFORE, in consideration of the mutual premises and covenants
contained in this Addendum, it is agreed between the parties hereto as follows:
1. The Portfolio Manager is appointed to furnish investment advisory
services to the I-Net Tollkeeper Portfolio, which is designated as a
separate portfolio as described in the Portfolio Management Agreement.
2. Paragraph 2 of the Agreement is amended by the addition of the
following:
(l) Will: (i) use its best efforts, relying on current industry
data as provided by the Investment Company Institute, to identify each
position in the Portfolio that constitutes stock in a Passive Foreign
Investment Company ("PFIC"), as that term is defined in Section 1296
of the IRC; and (ii) make such determinations and inform the Adviser
at least annually, (or more often and by such date(s) as the Adviser
shall request), of any stock in a PFIC.
3. The Fee Schedule of the Agreement is amended by the addition of the
following:
PACIFIC SELECT FUND
FEE SCHEDULE
Portfolio: I-Net Tollkeeper Portfolio
The Adviser will pay to the Portfolio Manager a monthly fee based on the average
daily net assets of the Portfolio at the following annual rate:
I-Net Tollkeeper Portfolio:
.95% of the first $1 billion
.90% on excess
These fees for services shall be prorated for any portion of a year in which the
Agreement is not effective.
This Addendum shall take effect on May 1, 2000.
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IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be
executed as of the date first indicated above.
PACIFIC LIFE INSURANCE COMPANY
Attest: /s/ Xxxxxx X. Milfs By: /s/ Xxxxxx X. Xxxxxx
---------------------------------- -----------------------------------
Name: Xxxxxx X. Milfs Name: Xxxxxx X. Xxxxxx
Title: Secretary Title: Chairman of the Board and Chief
Executive Officer
XXXXXXX SACHS ASSET MANAGEMENT, A
DIVISION OF XXXXXXX XXXXX & COMPANY
Attest: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxx
---------------------------------- -----------------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxx X. Xxxx
Title: Vice President Title: Managing Director
PACIFIC SELECT FUND
Attest: /s/ Xxxxxx X. Milfs By: /s/ Xxxxxx X. Xxxxxx
---------------------------------- -----------------------------------
Name: Xxxxxx X. Milfs Name: Xxxxxx X. Xxxxxx
Title: Secretary Title: Chairman of the Board and
Trustee
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